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Financial Professionals

    BNY Mellon New York AMT-Free Municipal Bond Fund

    Why invest in this Fund?

    The fund seeks to maximize current income exempt from federal, New York state and New York city income taxes to the extent consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that provide income exempt from federal, New York state and New York city income taxes and the federal alternative minimum tax.

    Min. class investment
    $1,000,000
    Class Inception Date
    07/01/13
    Class Status
    Not available for purchase by individual investors.
    Fund Assets
    $237,268,573  As of  02/03/23
    Class Assets
    $933  As of  02/03/23
    Portfolio Turnover Rate
    7.49% As of fiscal year end  11/30/22
    Morningstar Category
    Municipal New York Intermediate
    Benchmark
    Bloomberg U.S. Municipal Bond Index
    Morningstar Overall Rating
    Fund Holdings
    120 As of 12/31/22
    AVERAGE EFFECTIVE MATURITY
    17.72 yr(s).  As of  12/31/22
    Modified Duration To Worst
    5.91 yr(s).  As of 12/31/22

    Morningstar Rating™ as of December 31, 2022 for the Class Y class shares; other classes may have different performance characteristics. Overall rating for the Municipal New York Intermediate category. Fund ratings are out of 5 Stars: Overall 3 Stars (51 funds rated); 3 Yrs. 3 Stars (51 funds rated); 5 Yrs. 3 Stars (46 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

     

    Average Effective Maturity (AEM) is a measure of maturity that takes into account the possibility that a bond might be called back by the issuer. For a portfolio of bonds, average effective maturity is the weighted average of the maturities of the underlying bonds.

    Modified Duration to Worst is a measure of the sensitivity of the price of a bond to a change in interest rates, which in this case assumes that the bond is called at its earliest possible call date (Worst). Modified duration measures the expected change in a bond's price to a 1% change in interest rates. In general, the higher the duration, the more a bond's price will drop as interest rates rise.

    Portfolio Managers

    • Thomas Casey

      Thomas Casey

      Senior Portfolio Manager, Insight North America LLC

      13 yr(s). on fund

    • Daniel Rabasco

      Daniel Rabasco, CFA

      Head of Municipal Bonds, Insight North America LLC

      8 yr(s). on fund


    Total Returns

    Average Annual
    As of 01/31/23
    Name 3 MO
    01/31/23
    YTD
    01/31/23
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon New York AMT-Free Municipal Bond Fund
    DNYYX
    7.81 2.92 -5.46 -1.22 1.30 1.84 4.81
    Average Annual
    As of 12/31/22
    Name 3 MO
    12/31/22
    YTD
    12/31/22
    1 YR 3 YRS 5 YRS 10 YRS Since Inception
    BNY Mellon New York AMT-Free Municipal Bond Fund
    DNYYX
    3.82 -10.61 -10.61 -1.57 0.51 1.62 4.74
    Bloomberg U.S. Municipal Bond Index
    4.10 -8.53 -8.53 -0.77 1.25 2.13 -

    The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated long-term tax-exempt bond market. Investors cannot invest directly in any index.

    The total return performance figures presented for Class Y shares of the fund represent the performance of the fund's Class A for periods prior to July 01, 2013, the inception date for Class Y shares, and the performance of Class Y, respectively, from that inception date. Performance reflects the applicable class' distribution/servicing fees since the inception date. Had these fees and expenses been reflected for periods prior, performance would have been different.


    Investors should consider, when deciding whether to purchase a particular class of shares, the investment amount, anticipated holding period and other relevant factors.

    Growth of $10,000 Investment

    Historical Performance

      Not available for purchase by individual investors.

      Yield fluctuates and past performance is no guarantee of future results.

      Monthly yield history is the annualized distribution rate that is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.

      Investment return fluctuates and past performance is no guarantee of future results.


      Prospectus Fee Table Expense Ratios

      As of  09/01/22 Fee Description Expense Ratio (%)
      Management Fee 0.45%
      Other Expenses 0.12%
      Total Expenses 0.57%
      Expenses Reimbursed 0.02%
      Net Expenses 0.55%
      Total Expenses is the total annual operating expense ratio for the fund, before any fee waivers or expense reimbursements. Net Expenses is the total annual operating expense ratio for the fund, after any applicable fee waivers or expense reimbursements. The Total Expenses, or Net Expenses (if including fee waivers or expense reimbursements) is the actual fund expense ratio applicable to investors.
      The fund's investment adviser, BNY Mellon Investment Adviser, Inc., has contractually agreed, until March 31, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of none of the fund's classes (excluding Rule 12b-1 fees, shareholder services fees, taxes, brokerage commissions, interest expenses, commitment fees on borrowings and extraordinary expenses) exceed .55%. On or after March 31, 2023, BNY Mellon Investment Adviser, Inc. may terminate this expense limitation agreement at any time.

      Portfolio Manager/Sub-Investment Adviser

      The fund's investment adviser is BNY Mellon Investment Adviser, Inc. (BNYM Investment Adviser). BNYM Investment Adviser has engaged its affiliate, Insight North America LLC (INA), to serve as the fund's sub-investment adviser. Thomas Casey and Daniel Rabasco, CFA are the fund's primary portfolio managers, positions they have held since December 2009 and October 2014, respectively. Mr. Casey is a director and a senior portfolio manager for tax-sensitive strategies at Insight North America LLC (INA), an affiliate of BNYM Investment Adviser. Mr. Rabasco is a managing director and the head of municipal bonds at INA.

      Asset Allocation


          Daily Statistics

          As of 02/03/23 Name 30-Day Sec Yield
          (WITHOUT WAIVER)
          30-Day Sec Yield
          (WITH WAIVER)
          NAV Change 03/01/22  12 Month 
          High Nav
          10/25/22  12 Month 
          Low Nav
          YTD Return
          DNYYX
          0.81% 3.38% $13.63
          -$0.02
          -0.15%
          $14.65 $12.69 3.09%

          Performance Metrics

          Overall Morningstar Rating


          MORNINGSTAR CATEGORY Municipal New York Intermediate


          Morningstar Rating™ as of 12/31/22 for the Class Y shares; other classes may have different performance characteristics. Overall rating for the Municipal New York Intermediate. Fund ratings are out of 5 Stars: Overall 3 Stars (51 funds rated); 3 Yrs. 3 Stars (51 funds rated); 5 Yrs. 3 Stars (46 funds rated); 10 Yrs. Stars (40 funds rated).
          The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-,and 10-year (if applicable) Morningstar Rating metrics. © Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.

          Lipper Rankings

          • 1 Year
            37 out of 100
          • 3 Year
            44 out of 96
          • 5 Year
            47 out of 87
          • 10 Year
            out of

          LIPPER CLASSIFICATION New York Municipal Debt Funds


          Lipper Category returns and rankings are calculated by Lipper Inc., a Reuters Company, which is a nationally recognized organization that compares the performance of mutual funds with similar investment objectives. The Category returns represent the average performance of included funds, while rankings compare an individual fund's returns to those of the other funds in its category. Both are based on total return performance, with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Rankings begin with the actual share class inception. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns. Rankings do not reflect sales loads

          Main Risks

          Bonds are subject to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
          Municipal income may be subject to state and local taxes for out-of-state residents. Some income may be subject to the federal alternative minimum tax for certain investors. Capital gains, if any, are taxable.
          Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

          Risk Metrics

          As of  12/31/22  3-Year Trailing Standard Deviation Alpha Beta R-Squared Sharpe Ratio
          DNYYX
          6.92 -0.70 1.06 97.32 -0.32

          All risk metrics are provided by Morningstar. The index used in the calculations are determined by Morningstar which may not be the funds primary benchmark. The index Morningstar used for this analysis is Bloomberg U.S. Municipal Bond Index.


          Dividend Schedule

          Declared
          Daily
          Distributed
          Monthly
          Paid
          Monthly
          Fiscal Year End
          Nov 30
          Annualized Distribution Rate
          3.07%
          As of  01/2023

          Annualized distribution rate is based upon dividends per share from net investment income paid during the period, divided by the period ended maximum offering price per share, adjusted for capital gains (IF ANY) distributed during the period, and annualized based upon the number of days in the distribution period.

          Month/Year Dividend ($)
          01/2023 0.036646086
          12/2022 0.031682069
          11/2022 0.033288078
          10/2022 0.034602083
          09/2022 0.033872082
          08/2022 0.037084088
          07/2022 0.032704079
          06/2022 0.034748083
          05/2022 0.015476035
          04/2022 0.007300020
          03/2022 0.003358000
          02/2022 0.033635078

          All figures as of month-end. Dividend history does not reflect any capital gains that may have been paid

          Distributions History

          Record Date Ex-Dividend Date Payable Date Ordinary 
          Non-Qualified 
          Dividends
          Qualified 
          Dividends
          Non-Qualified 
          Short-Term 
          Capital Gain
          Qualified 
          Short-Term 
          Capital Gain
          Long-Term 
          Capital Gain
          Total 
          Distribution
          Reinvest 
          NAV
          03/28/22 03/29/22 03/29/22 - 0.0000 - 0.0000 0.0021 0.0021 14.09
          Record Date Ex-Dividend Date Payable Date Ordinary 
          Non-Qualified 
          Dividends
          Qualified 
          Dividends
          Non-Qualified 
          Short-Term 
          Capital Gain
          Qualified 
          Short-Term 
          Capital Gain
          Long-Term 
          Capital Gain
          Total 
          Distribution
          Reinvest 
          NAV
          12/22/21 12/23/21 12/23/21 0.0000 0.0000 0.0000 0.0000 0.0378 0.0378 -
          03/26/21 03/29/21 03/29/21 - 0.0000 0.0006 0.0000 0.0000 0.0006 -
          12/22/20 12/23/20 12/23/20 0.0000 0.0000 0.0000 0.0000 0.1133 0.1133 -
          12/26/19 12/27/19 12/27/19 0.0000 0.0000 0.0000 0.0000 0.0300 0.0300 -

          Literature

          PRODUCT MATERIALS

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          WHY MUNICIPALS ARE MORE THAN JUST TAX BENEFITS Download
          QUARTERLY COMMENTARY Download

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